OTHER EQUIPMENT/PROPERTY, DEPRECIATION, OFFICE EXPENSES
Section 179 Deduction
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased, rather than depreciate it over many years as would ordinarily be required (for capital assets). Generally, if you purchased tangible property for business use and placed it into service, subject to certain exceptions, you may be allowed to deduct up to $1,000,000 in 2020 and beyond in the year you incurred the expense. Section 179 can be applied to vehicles, office furniture and equipment, certain software costs and capital improvements made to your business property, amongst other things. Entrepreneurs who invest in business property can realize significant tax savings from taking advantage of the Section 179 deduction. Note however that you likely will not be eligible for this deduction if you purchase assets for a residential rental property.